Often acting performers are self employed. So completing a self assessment tax return is a must. We offer advice to actors to make sure your Inland Revenue obligations are met.
The tax return can be a very harrowing document, and very time consuming to fill in, particularly as a busy actor, who would rather be thinking about your next stage, film or theater casting assignment.
Tax information for actors, from a fellow performer.
I have been in your shoes, as a trained opera singer and performer myself, I know that completing your tax returns, or keeping your books in great order, can stop you from focusing on your performing.
The time you will invest as an actor in filling in tax returns, could be much better spent on reading scripts or learning your lines for the role in your next movie or Theater production.
The goal of performance Accountancy is to help you keep your tax and financial affairs in great order, to allow you to focus on being creative and doing what you love most, acting.
Performance Accountancy provide the very best tax advice for actors, and performing artists just like you, to make sure you are financially strong and keeping in the good books of the Inland Revenue.
Tax guidance for Actors
To help you understand what expenses you may claim as an actor, performing artist or entertainer, we have created a free white paper that you can download and read at your leisure.
As a simple rule, you can allocate whatever costs you feel are incurred wholly and necessarily for your business.
However, not all of these costs may be allowable for tax; a typical example is taking your agent out for a meal to discuss a contract…
…It is a cost you have of running yourself as a business, but it is specially excluded as an allowable cost for taxation as it is classed as entertainment.
The main allowable costs are listed below, but should you require more detailed information, then leave your name and email address below and after confirmation, we will email you a link to a white paper specifically written for people in the entertainment industry.
Top 10 allowable expenses for Actors & entertainers:
- Agent & booking fees
- Travelling costs to Acting of performing assignments.
- Clothing & footwear – certain conditions apply
- Actors props
- Play text, sheet music, recordings
- Headshots & show reels
- Print, postage & stationery
- Use of home for business
- Employee costs (but not the nanny or child sitter!)
For more information and to learn more about other allowable expenses please complete the boxes below and we’ll email a link to our guide “Expenses for Performers”.
We are sure you will find this white paper extremely useful to keep you on top of your finances.
The expenses you can put again your self assessment tax return as actors, musicians or performer varies between professions and you may need further tax or accounting advice, which we can provide you with.
Performance Accountancy has been giving tax advice for actors, musicians and performers for many years.
If you are an actor, performer or entertainer, and would like a no-obligation 30 minute chat to discuss your accounting, bookkeeping and taxation concerns then please contact us.
You can also tell us about you, and we can be in touch shortly.
If that’s not enough options, call us on 01344 669084**
*Please note that calls to this number may be recorded for use in training purposes and as memory joggers.